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National Bank of Canada to Buy HSBC Unit

TORONTO—National Bank of Canada has agreed to acquire the Canadian retail brokerage arm of HSBC Holdings Inc. for C$206 million (US$208 million), the banks confirmed Tuesday.

The deal is set to close by the end of December and will broaden the reach of Quebec-based National Bank's retail brokerage arm in western Canada. It will also bring National Bank Financial's assets under administration to C$80 billion and investment adviser headcount to 1,060, according to a National Bank release. More than half of its retail...